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Suppose that the Law of Demand is violated that is suppose that the Demand curve for a particular good is upward sloping Suppose that the Law of Supply still holds so that the Supply curve is also

 Suppose that the Law of Demand is violated - that is suppose that the Demand curve for a particular good is upward sloping. Suppose that the Law of Supply still holds so that the Supply curve is also upward sloping. This results in two cases, depending on which curve is steeper. Consider both cases and analyze what happens if price is above its equilibrium level. How does price adjust in each case?

 

Apr 01 2020 View more View Less

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